Term Life Insurance Plan
Applying Term Life To Your Need
Ask yourself the question which term life insurance plan best fits
your need when considering a life insurance purchase.
There are several
to choose from but the one you choose must be comfortably applied to
your particular need.
A single person with no children has a limited
need for a policy. If this person has children that is another matter.
A married person with children would likely have a greater need than would a married person with no children and no plans to have children.
A corporation would have a different need than a partnership or a sole proprietorship. Let me try to assist you in deciding which is best for your situation.
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Term Life Insurance Plan - Which Is Best?
- 5 Year Level Term And Yearly Renewable Term
These policies are usually used for short term
needs. A grandfather is paying his granddaughters college costs. He
wants to be certain the young lady graduates even if he dies before that
He buys a
5 year term policy
yearly renewable term policy.
You have an outstanding loan that you have no problem paying but if you
died this would be a burden to other members of your family.
You have a
few years of payments left. You use the 5 year term or the yearly
renewable term life insurance plan.
- 10 Year, 15 Year, 20 Year, 25 Year And 30 Year Term Life Policies
would be used to protect the survivors if the breadwinner, or
breadwinners, should die. The length of the term would depend on what
you want to accomplish.
Usually you want to replace your income with
income coming from the death benefit of the policy. You may also want
all or part of this life insurance income to be paid to your spouse for the rest of her life.
You count the years starting with the age of the youngest child to the point when he or she graduates college. The life insurance company
will help you determine how much insurance will be required to provide
the income payable to your spouse for the rest of her life after the
These policies can also be used to provide funds to restart a
after you die. That is if a family member wants to continue the
business, for example. They can also be used to fund buy sell agreements
corporation or a partnership.
term life insurance
policy would depend on the thinking of the principals in
the the particular businesses. It would depend on how far ahead they
project, how far ahead they plan.
Get the right plan for the right need -
Term Life Insurance Plan